The Litecoin gains helped the crypto market bounce back from a red Monday. Along with the Litecoin, the main coins gained strength in today’s trading. This goes against analyst expectations who initially predicted the losses from Monday to continue.
Monday’s Losses Push Analysts To Predict Further Losses
Monday trading was especially hard on the Crypto market as most of the coins traded on the red yesterday. The Bitcoin hit fresh new lows for the month when it fell below key support levels. The main coin fell below the $7500 for the first time since the recent surge that pushed it to a year high above $8800.
With the losses, early trading was expected to continue losses. However, The market bucked expectations as seen in the Litecoin gains. This is a testament to how fickle the market is as it moved opposite the natural expectation.
Litecoins Rise To Gather Gains
Today, the Litecoin gains pushed it higher by 10% to reach $128. This is a new high for the year. The recent Litecoin gains could largely be attributed to the incoming halving of the coin. The halving is expected to occur in August.
In addition to the halving, the Litecoin is also serving as a leader in the market. The gains of the Litecoin in the last few months has pushed the coin 400% higher. It boasts of strong fundamentals and it is one of the more established blockchain currencies in the market. This strength has become a pacing mechanism for the coin.
Litecoin Gains Help Boost the Market
The gains of the Litecoin helped pace the crypto market as a whole and even helped add strength to larger coins. The Bitcoin saw some recovery from the losses from yesterday. The main coin gained 3.3% after hitting a low around $7500 yesterday. The Bitcoin is now trading slightly above $8000.
The Ethereum saw it following the same pace as it gained a comparatively with 4% gains. It has reached $245 and future movement should be hitched to the movement of the bitcoin.